CCube Angels is acquiring minority stake in Omnipresent Retail India, which runs online retail portal edabba.com for around R4.5 Cr, ET states. The company will use the latest round of funding to expand its contact centres to over 1,000 in the next six months.
Founded by Manoj Kumar and Saurabh B Chadha, edabba sells a range of products, including electronics, personal accessories and jewellery - mostly in smaller towns and cities - and is supported by over 400 contact centres offering aftersales service.
Last April, the company secured first-round funding of $1 mn from a consortium of incubators.
Unlike conventional e-retailers, edabba.com has evolved a model that focuses on making e-commerce inclusive by setting up physical contact points in established local stores in B&C category towns.
The model's success is hinged on collaboration with local shops in target markets through technology platform and a strong supply chain.
CCube currently has more than 65 members, mainly from the capital markets and financial services sector, with investment experience across various asset classes. It looks to provide contacts to SMEs looking to adopt global business practices and scale beyond their niche geographies.
The group provides scale-up capital of between $250,000 and $1m to early-stage companies with well-defined business plans. It has also backed other Indian startups such as Reasoning Global eApplications, Simbus Technologies, Applied Mobile Technologies and Myadcorner.com.
Bank of India sold its entire holding in MCX of 1.03% by selling the 5.25 Lac shares which it held at R392.6 a piece through an open market transaction. The transaction was executed on NSE for a total of R20.6115 Cr.
Myntra, part of the Flipkart Online Services Pvt Ltd, has acquired the online fashion platform Jabong from the Global Fashion Group. The $70 million deal will see the creation of one of the biggest online fashion platforms in India. The combined online retailers will have the distinction of becoming the largest e-commerce marketplace in the country.